What Are The Benefits Of Saving Money Early?
If you’re planning to begin saving for a down payment even if you don’t plan to consider buying for five years or more, then there are many benefits that are associated with beginning to save for your down payment today. First of all, you can take advantage of higher yield savings plans that will allow you to put money into a monthly savings plan without straining your budget. Compounding your interest over time allows you to be able to move your money into higher yield products as well such as certificates of deposit (CDs) or money market accounts. Savings accounts have the added benefits of allowing you to withdraw funds in an emergency. Shop Around For A Great Interest Rate You might think that interest rates are the same everywhere you go but this simply isn’t true. While your local bank may offer you a savings account with 1 percent or less interest with no minimum opening balance or monthly minimum deposits, you can get online savings accounts from a number of companies that are
